Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 2
- Creatore Discussione gionmorg
- Data di Inizio
whitesoul9
Forumer storico
I bond dopo la fiammata di apertura sono tornati negativi...
Fra41
Forumer storico
Ci si aspettava conti migliori
Fabrib
Forumer storico
Vallourec has won a contract by Abu Dhabi National Oil Company for the supply of tubing and casing, over a five year period, with a possible 2-year extension, for $900M.
This award represents one of the largest awards received by Vallourec to supply international markets.
Tubing and casing will be supplied from Vallourec’s mills in Europe, South America and China.
Deliveries are expected to start from 2H2020.
This award represents one of the largest awards received by Vallourec to supply international markets.
Tubing and casing will be supplied from Vallourec’s mills in Europe, South America and China.
Deliveries are expected to start from 2H2020.
waltermasoni
Caribbean Trader
International Game Technology PLC €500 Million Senior Secured Notes Due 2028 Rated 'BB+' (Recovery Rating: 3)
- 09-Sep-2019 06:27 EDT
- Table of Contents
SAN FRANCISCO (S&P Global Ratings) Sept. 9, 2019--S&P Global Ratings today assigned its 'BB+' issue-level rating and '3' recovery rating to International Game Technology PLC's (IGT) proposed €500 million senior secured notes due 2028. The '3' recovery rating indicates our expectation for meaningful recovery (50%-70%; rounded estimate: 65%) for noteholders in the event of a payment default.
The company plans to use proceeds from the notes to repay balances outstanding ($81 million of outstanding principal as of June 30, 2019) under its revolver, and for general corporate purposes, which may include the €320 million amortization payment due January 2020 under IGT's term loan. The proposed financing transaction does not affect our 'BB+' issuer credit rating since the transaction is largely debt for debt. However, the transaction will improve IGT's maturity profile by freeing up revolver capacity, which we expect it to use along with free cash flow generation to fully repay its €387.9 million 4.75% senior secured notes that are due in March 2020.
ISSUE RATINGS – RECOVERY ANALYSIS
Key analytical factors
- We assume the company will use proceeds from the proposed notes to free up revolver capacity and fund its January 2020 amortization payment under its term loan, so that it can then use cash flow to repay principal amounts outstanding under its 4.75% senior unsecured notes that mature in March 2020.
- Our simulated default scenario contemplates a default occurring in 2024 because of a significant decline in the installed base of the company's gaming machines due to a significant loss in market share, the loss of one or more major lottery contracts, and/or a severe and sustained economic decline that leads to a substantial drop in gaming machine yield and purchases of new machines.
- IGT's capital structure consists of $1.05 billion and €625 million in total revolving commitments, a €1.5 billion term loan, and several secured notes tranches at IGT. In addition, there are also two tranches of notes issued at IGT's subsidiary, International Game Technology. All of the debt shares the same guarantors and the notes issued at International Game Technology are also guaranteed by IGT. In addition, the collateral for the debt is a pledge of stock in International Game Technology and Lottomatica Holding S.ar.l., a subsidiary of IGT, and any intercompany loans in excess of $10 million. Although the notes issued by International Game Technology only benefit from its and its subsidiaries stock and intercompany notes, we do not view this limitation in the collateral relative to the rest of the capital structure as significant enough to warrant a distinction in recovery prospects between the International Game Technology notes and the remaining debt at IGT. We therefore assume that recovery prospects are aligned for all the debt in the capital structure.
- We assume the total revolving credit facility is 85% drawn at default.
- Emergence EBITDA: about $1.0 billion
- EBITDA multiple: 6.5x
- Gross recovery value: $6.4 billion
- Net recovery after administrative expenses (5%): $6.1 billion
- Value available for secured debt: $6.1 billion
- Secured debt: $9.2 billion
- --Recovery expectation: 50%-70% (rounded estimate: 65%)
fedro10
è la somma che fa il totale...
International Game Technology PLC €500 Million Senior Secured Notes Due 2028 Rated 'BB+' (Recovery Rating: 3)
View Analyst Contact Information
- 09-Sep-2019 06:27 EDT
- Table of Contents
SAN FRANCISCO (S&P Global Ratings) Sept. 9, 2019--S&P Global Ratings today assigned its 'BB+' issue-level rating and '3' recovery rating to International Game Technology PLC's (IGT) proposed €500 million senior secured notes due 2028. The '3' recovery rating indicates our expectation for meaningful recovery (50%-70%; rounded estimate: 65%) for noteholders in the event of a payment default.
The company plans to use proceeds from the notes to repay balances outstanding ($81 million of outstanding principal as of June 30, 2019) under its revolver, and for general corporate purposes, which may include the €320 million amortization payment due January 2020 under IGT's term loan. The proposed financing transaction does not affect our 'BB+' issuer credit rating since the transaction is largely debt for debt. However, the transaction will improve IGT's maturity profile by freeing up revolver capacity, which we expect it to use along with free cash flow generation to fully repay its €387.9 million 4.75% senior secured notes that are due in March 2020.
ISSUE RATINGS – RECOVERY ANALYSIS
Key analytical factors
Simplified waterfall
- We assume the company will use proceeds from the proposed notes to free up revolver capacity and fund its January 2020 amortization payment under its term loan, so that it can then use cash flow to repay principal amounts outstanding under its 4.75% senior unsecured notes that mature in March 2020.
- Our simulated default scenario contemplates a default occurring in 2024 because of a significant decline in the installed base of the company's gaming machines due to a significant loss in market share, the loss of one or more major lottery contracts, and/or a severe and sustained economic decline that leads to a substantial drop in gaming machine yield and purchases of new machines.
- IGT's capital structure consists of $1.05 billion and €625 million in total revolving commitments, a €1.5 billion term loan, and several secured notes tranches at IGT. In addition, there are also two tranches of notes issued at IGT's subsidiary, International Game Technology. All of the debt shares the same guarantors and the notes issued at International Game Technology are also guaranteed by IGT. In addition, the collateral for the debt is a pledge of stock in International Game Technology and Lottomatica Holding S.ar.l., a subsidiary of IGT, and any intercompany loans in excess of $10 million. Although the notes issued by International Game Technology only benefit from its and its subsidiaries stock and intercompany notes, we do not view this limitation in the collateral relative to the rest of the capital structure as significant enough to warrant a distinction in recovery prospects between the International Game Technology notes and the remaining debt at IGT. We therefore assume that recovery prospects are aligned for all the debt in the capital structure.
- We assume the total revolving credit facility is 85% drawn at default.
Note: All debt amounts include six months of prepetition interest.
- Emergence EBITDA: about $1.0 billion
- EBITDA multiple: 6.5x
- Gross recovery value: $6.4 billion
- Net recovery after administrative expenses (5%): $6.1 billion
- Value available for secured debt: $6.1 billion
- Secured debt: $9.2 billion
- --Recovery expectation: 50%-70% (rounded estimate: 65%)
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